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Quarterly ReportJune 2017

For the Period Ended 30 June 2017

Areca Situational Income Fund

QUA RTERLY REPORT J UN E 2017

�� ARECA SITUATIONAL INCOME

FUND

Contents

CORPORATE DIRECTORY 2

MANAGER’S REPORT

Fund Information, Performance & Review 3 Market Review & Outlook 7

STATEMENT BY THE MANAGER 8

UNAUDITED FINANCIAL STATEMENTS FOR

Areca Situational Income Fund

9

QUARTERLY REPORT JUNE 2017

2

C O R P O R A T E D I R E C T O R Y

MANAGER

Areca Capital Sdn Bhd (740840-D)

107, Blok B, Pusat Dagangan Phileo Damansara 1

No. 9, Jalan 16/11, Off Jalan Damansara

46350 Petaling Jaya, Selangor

Tel: 603-7956 3111, Fax: 603-7955 4111

website: www.arecacapital.com

e-mail: [email protected]

BOARD OF DIRECTORS Dato’ Wee Hoe Soon @ Gooi Hoe Soon

(Independent, Chairman)

Wong Teck Meng (Executive)

Raja Datuk Zaharaton Bt Raja Dato’ Zainal Abidin

(Non-Executive Non-Independent)

Dr. Junid Saham (Independent)

INVESTMENT COMMITTEE MEMBERS

Dato’ Wee Hoe Soon @ Gooi Hoe Soon

(Independent, Chairman)

Raja Datuk Zaharaton Bt Raja Dato’ Zainal Abidin (Non-Independent)

Dr. Junid Saham (Independent)

TRUSTEE

Maybank Trustees Berhad (5004-P)

8th Floor, Menara Maybank

100 Jalan Tun Perak

50050 Kuala Lumpur

Tel: 03-2078 8363, Fax: 03-2070 9387

AUDITOR Deloitte PLT (LLP0010145-LCA)

Level 16, Menara LGB

1 Jalan Wan Kadir, Taman Tun Dr. Ismail

60000 Kuala Lumpur

Tel: 03-7610 8888, Fax: 03-7726 8986

TAX ADVISER

Deloitte Tax Services Sdn Bhd (36421-T)

Level 16, Menara LGB

1 Jalan Wan Kadir, Taman Tun Dr. Ismail

60000 Kuala Lumpur

Tel: 03-7610 8888, Fax: 03-7726 8986

M A N A G E R ’ S O F F I C E A N D B R A N C H E S

HEAD OFFICE

107, Blok B, Pusat Dagangan Phileo Damansara 1, No. 9, Jalan 16/11, Off Jalan Damansara,

46350 Petaling Jaya, Selangor.

Tel: 603-7956 3111, Fax: 603-7955 4111

website: www.arecacapital.com

e-mail: [email protected]

PENANG – PULAU TIKUS PERAK - IPOH MALACCA

368-2-02 Belissa Row 11A, (First Floor) 95A, Jalan Melaka Raya 24

Jalan Burma, Georgetown Persiaran Greentown 5 Taman Melaka Raya

10350 Pulau Pinang Greentown Business Centre 75000 Melaka

Tel : 604-210 2011 30450 Ipoh, Perak Tel : 606-282 9111

Fax: 604-210 2013 Tel : 605-249 6697 Fax: 606-283 9112

Fax: 605-249 6696


ARECA SITUATIONAL INCOME FUND

3

F U N D I N F O R M A T I O N

Name of the Fund Areca Situational Income Fund

Fund Category/

Type

Wholesale Fixed income Fund/ Income and Growth

Objective of the

Fund

Seek to offer investors regular income* and incidental capital appreciation

based on current market investment opportunities

* income could be in the form of Units or Cash

Performance

Benchmark

Maybank’s 12-month fixed deposit rate

Distribution

Policy of the

Fund

Subject to the availability of income, the Fund will distribute income at least

once a year. In the absence of any instructions, we will, at our discretion, pay

any income distributed by the Fund to you, or reinvest the income in additional

units at the NAV per unit of the distribution day without any entry fee.

Profile of

unitholdings

* excluding units held

by the Manager

(please refer to Notes

to Financial Statement

–Note 4)

As at 30 June 2017

Size of Holding

(Units)

No. of

accounts %

No. of

unit held

(million)

%

Up to 5,000 - - - -

5,001 to 10,000 - - - -

10,001 to 50,000 46 42.59 2.26 9.42

50,001 to 500,000 57 52.78 9.38 28.65

500,001 and above 5 4.63 15.46 61.93

Total* 108 100.00 27.10 100.00

Rebates & Soft

Commissions

The Manager retains soft commissions received from stockbrokers, provided

these are of demonstrable benefit to unitholders. The soft commissions may

take the form of goods and services such as, data and quotation services,

computer software incidental to the management of the Fund and investment

related publications. Cash rebates (if any) are directed to the account of the

Fund. During the period under review, the Manager had not received any soft

commissions.

Inception Date 01 March 2016

Initial Offer Price RM1.0000 per unit during the initial offer period of 15 days ended 15 March

2016

Pricing Policy Single Pricing – Selling and repurchase of units by Manager are at Net Asset

Value per unit

Financial Year

End

31 March



4

F U N D P E R F O R M A N C E

01.04.2017

to 30.06.2017

01.01.2017

to 31.03.2017

Total Net Asset Value (“NAV”)

Total Net Asset Value (RM million) 30.61 25.15 Units in circulation (million units) 29.95 22.98

NAV per unit (RM) 1.0222 1.0944

HIGHEST & LOWEST NAV per unit Please refer to Note 1 for further information on NAV and pricing policy

Highest NAV per unit (RM) 1.0995 1.0944

Lowest NAV per unit (RM) 1.0048 1.0691

ASSET ALLOCATION % of NAV

Fixed Income Securities

Corporate bonds 97.91 91.42

Cash & cash equivalent including placements & repo 2.09 8.58

DISTRIBUTION

There was no distribution for the financial period under review.

UNIT SPLITS

There was no unit split exercise for the financial period under review.

EXPENSE/ TURNOVER

Management expense ratio (MER) (%) 0.41 0.28

Please refer to Note 2 for further information

Portfolio turnover ratio (PTR) (times) 0.12 - Please refer to Note 3 for further information

TOTAL RETURN

Please refer to Note 4 for further information

Total Return (%) 2.23 2.37

- Capital Return (%) -6.60 2.37

- Income Return (%) 8.83 -

Annual Total Return (%) 9.26* 10.07*

Performance Benchmark: Average Maybank’s 12-month fixed

deposit rate (%) 3.14* 3.10*

*Annualised for comparison purpose only

Total Return since launch (%) 11.88 11.88



5

NOTES:

Note 1: Selling of units by the Management Company (i.e. when you purchase units and invests in the Fund)

and redemption of units by the Management Company (i.e. when you redeem your units and liquidate your

investments) will be carried out at NAV per unit (the actual value of a unit). The entry/ exit fee (if any) would

be computed separately based on your net investment/ liquidation amount.

Note 2: MER is calculated based on the total fees and expenses incurred by the Fund, divided by the average

net asset value calculated on a daily basis.

Note 3: PTR is computed based on the average of the total acquisitions and total disposals of the investment

securities of the Fund, divided by the average net asset value calculated on a daily basis.

Note 4: Fund performance figures are calculated based on NAV to NAV and assume reinvestment of

distributions (if any) at NAV. The total return and the performance benchmark are sourced from Lipper.

Unit prices and distributions payable, if any, may go down as well as up. Past performance of the

Fund is not an indication of its future performance.



6

F U N D R E V I E W

For the quarter ending 30 June 2017, the Fund posted an annualized return of 9.26% against the

benchmark Maybank’s 12 mths FD rate of 3.14%. The portfolio outperformed the benchmark as this

highly concentrated portfolio was supported by a low and accommodative domestic interest rates

environment. In addition, credit quality of the sole issue in the portfolio remains strong. At end of

June 2017, cash accumulated as part of the security amounted to RM19.6 million or 65.4% of the

outstanding issued (RM30.0 million). Taking a ‘fire sale’ value of 50% of the charged properties,

total security coverage stands at 110.2% of outstanding.

As a result of the tight structure of the bond, we remain confident of the going concern of the issuer

and their ability to fulfill its financial obligation to the fund. We continue to monitor their credit

quality regularly and rigorously.

The Fund achieved its objective to offer investor regular income and incidental capital appreciation

based on current market investment opportunities.

The Fund has invested as the sole investor in Iconic Vacation Club Berhad’s (IVCB) Medium Term

Note (MTN) programme. Areca Capital Sdn Bhd, the Manager of the Fund, was appointed by IVCB

as the fund manager to manage the redemption account under the IVCB MTN programme. As at

the date of the report, the Manager was not aware of any conflict of interest arising from the above.

Investment Policy and Strategy

The Fund invests wholly in a single fixed income investment.

NAV per unit as at 30 June 2017 RM1.0222

Asset Allocation / Portfolio Composition 30.06.2017

31.03.2017

Fixed income securities 97.91%

91.42%

Cash & cash equivalents 2.09% 8.58%

Performance of Areca Situational Income Fund

for the financial period since inception to 30 June 2017

97.91%

2.09%

Areca Situational Income

Maybank 12 Months Fixed Deposit


MANAGER’S REPORT

7

MARKET REVIEW & OUTLOOK

ECONOMIC REVIEW&OUTLOOK

There has been a significant rise in geopolitical risk this quarter. It began with US retaliatory bombing

of Syria for alleged usage of chemical weapons, then dropping the ‘mother of all bombs’ in Afghanistan

targeting ISIS and their underground tunnels before a series of jabs and counter jabs of ‘sabre-rattling’

with North Korea. Thankfully, across the Atlantic, Emmanuel Macron won the French Presidential

elections, taming fears of France following the path of the British in exiting the EU if his opponent Le

Pen had won.

Despite Trump’s inability to carry out his campaign promises of building the border wall and replacing

Obamacare, optimism continue to swirl within Wall Street with the Dow Jones hitting all time high

breaking above 21500 mid-June. It continued to ride on the prospects of a Trump inspired expansionary

fiscal plan and anticipated tax reforms. Inflation tapered down since reaching a five year high at 2.7%

in February with 2.2%, 1.9% and 1.6% from April to June. Meanwhile Unemployment hit a sixteen year

low at 4.3% in May. The Federal Reserve Committee followed up this uptick in sentiment with the

second ¼% rate hike in June. They further expressed their readiness to trim the Federal Reserve’s

asset portfolio of US$4.5 trillion in a gradual, non-disruptive and orderly manner.

China’s GDP grew 6.9% in the second quarter following a similar rate in previous one. They maintain a

full year (2017) projection of 6.5% ahead of their National People’s Congress in October. Reserves have

also increased to near USD3.06 trillion as at end June while reclaiming top US debtholder position

following imposition of capital controls on outflows and a series of US Treasuries’ buying sprees. China

continues to fix their niggling problems of rising debt, property inflation and capital outflows in the

process of manoeuvring her economy to be one of consumption based.

In Malaysia, inflation has since eased to 3.6% in June following March’s 100 mths high of 5.1%.

Meantime 1Q GDP registered a strong 5.6% growth aided by favourable trade data, manufacturing and

encouraging domestic consumption. Foreign Reserves increased to USD99.8 billion (or RM424.9 bil)

from USD95.4 bil (or RM422.2 bil) in earlier quarter. Bank Negara Malaysia as expected kept the

Overnight Policy Rate (OPR) unchanged at 3% throughout this quarter amidst General elections

rumours.

FIXED INCOME MARKET REVIEW & OUTLOOK

Trading in a lower 2.12-2.41% range this quarter, traders of US treasury yield may not share the same

exuberance as suggested by the effervescent stock market of the US economy. The hike in June left a

few to question if inflation target of 2% can be achieved. The jury is out there as to whether the

economy is able to sustain beyond this year. Moreover, to support the Federal Reserve’s aim to unwind

their bond holdings position, rates cannot rise aggressively. Meanwhile, all the other major economies

left benchmark rates unchanged this quarter.

This period under review also saw a reversal of capital outflows. Foreign holdings of our sovereign debt

totaled RM178.0 bil at end June versus RM162.3 bil at end of last quarter. This net increase of RM15.7

bil is in contrast with first quarter’s net outflow of RM37.6 bil. Percentage holdings of total outstanding

debt rose to 26.6% from 24.9% amidst lower government bond supply and improving economic data.

The market remains expectant of one more rate hike in the US which is likely to occur late this year

provided balance sheet shrinking exercise commences.

In the EU, there is growing optimism towards the regions recovery. If unemployment continue to

improve while growth picks up, scaling back quantitative easing may begin before the year is up

As for Malaysia, narrower disposable income as a result higher cost push inflation coupled with the

imminent 14th General Elections which has to occur by June next year, interest rates will likely stay low

and accommodative. Statutory Reserve cut is an available tool if a boost is required.



8

STATEMENT BY THE MANAGER

To the Unitholders of Areca Situational Income Fund

We, Wong Teck Meng and Dato’ Wee Hoe Soon @ Gooi Hoe Soon, two of the Directors of the Manager,

Areca Capital Sdn Bhd, do hereby state that in the opinion of the Manager, the unaudited financial

statements are drawn up in accordance with Malaysian Financial Reporting Standards, International

Financial Reporting Standards and the Securities Commission Malaysia's Guidelines on Unlisted Capital

Market Products under the Lodge and Launch Framework in Malaysia so as to give a true and fair view

of the financial position of the Fund as of 30 June 2017 and the financial performance and the cash

flows of the Fund for the financial period ended on that date.

For and on behalf of the Manager

Areca Capital Sdn Bhd

WONG TECK MENG

DATO’ WEE HOE SOON @ GOOI HOE

SOON CEO/ EXECUTIVE DIRECTOR

Kuala Lumpur

21 August 2017

INDEPENDENT DIRECTOR

Kuala Lumpur

21 August 2017



9

UNAUDITED STATEMENT OF FINANCIAL POSITION

As Of 30th June, 2017

01.04.2017

to

30.06.2017

01.01.2017

to

31.03.2017

Note RM RM

Assets Investments

Unquoted fixed income securities 3 29,973,300 22,993,054

Total Investments 29,973,300 22,993,054

Other Assets

Other receivables 650,959 2,398,301

Cash at bank 41,724 9,070

Total Other Assets 692,683 2,407,371

Total Assets 30,665,983 25,400,425

Unitholders’Fund and Liability

Liability

Accruals 54,233 249,440

Unitholders’ Fund

Unitholders’ capital 29,998,160 22,998,160

Unrealised reserve (26,700) (6,946)

Realised reserve 640,290 2,159,771

Net Asset Value attributable to unitholders 30,611,750 25,150,985

Total Unitholders’ Fund and Liability 30,665,983 25,400,425

Number of Units in Circulation 29,947,106 22,980,545

Net Asset Value Per Unit 1.0222 1.0944

The accompanying Notes form an integral part of the Financial Statements.



10

UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For The Financial Period Ended 30th June, 2017

01.04.2017

to

30.06.2017

01.01.2017

to

31.03.2016

Note RM RM

Investment Income

Interest income 782,841 630,767

Net (loss)/ gain from investments:

Investments at fair value through profit or loss

(“FVTPL”) 3 (19,754) 21,183

Total Investment Income 763,087 651,950

Expenditure

Management fee 109,195 61,994

Trustee’s fee 2,912 2,452

Other expenses 7,064 5,099

Total Expenditure 119,171 69,545

Net Income Before Tax 643,916 582,405

Income Tax Expense - -

Net Income After Tax/Total Comprehensive

Income For The Period 643,916 582,405

Net Income After Tax Is Made Up Of:

Realised gain 663,670 561,222

Unrealised (loss)/ gain (19,754) 21,183

643,916 582,405

UNAUDITED STATEMENT OF CHANGES IN NET ASSET VALUE


Unitholders’

capital

Realised

reserve

Unrealised

reserve

Total net

asset value

RM RM RM RM

As of 1st January, 2017 22,998,160 1,598,549 (28,129) 24,568,580

Total comprehensive income for the

period

- 582,405

-

582,405 Net unrealised gain transferred to

unrealised reserve

- (21,183)

21,183

-

As of 31st March, 2017 22,998,160 2,159,771 (6,946) 25,150,985

As of 1st April, 2017

22,998,160 2,159,771

(6,946)

25,150,985

Amount received from units created 7,000,000 - 7,000,000 Total comprehensive income for the

period

- 643,916

-

643,916

Net unrealised loss transferred to

unrealised reserve

- 19,754

(19,754)

-

Distribution to unitholders for the

period

- (2,183,151)

-

(2,183,151)

As of 30th June, 2017 29,998,160 640,290 (26,700) 30,611,750




11

UNAUDITED STATEMENT OF CASH FLOWS


01.04.2017

to

30.06.2017

01.01.2017

to

31.03.2017

RM RM

Cash Flows From/(Used In) Operating And Investing Activities

Interest Received 2,530,183 -

Purchase of investments (7,000,000) -

Management fee paid (293,504) -

Trustee’s fee paid (2,760) (2,433)

Payment for other fees and expenses (18,113) (354)

Net Cash Used In Operating And Investing Activities (4,784,194) (2,787)

Cash Flows From/ (Used In) Financing Activities

Cash proceeds from units created 7,000,000 -

Distribution to unitholders (2,183,151) -

Net Cash From Financing Activities 4,816,849 -

Net Increase/ (Decrease) In Cash And Cash

Equivalents 32,655 (2,787)

Cash And Cash Equivalents At The Beginning of The

Financial Period 9,069 11,856

Cash And Cash Equivalents At The End of The Financial

Period 41,724 9,069

Cash and cash equivalents consist of the following amounts: 30.06.2017 31.03.2017

RM RM


41,724 9,070




12

NOTES TO THE FINANCIAL STATEMENTS

1 GENERAL INFORMATION

Areca Situational Income Fund (“Situational Income” or “the Fund”) was established pursuant to

the Trust Deed dated 25th February, 2016 between Areca Capital Sdn Bhd as the Manager, Maybank

Trustees Berhad as the Trustee and all the registered unit holders of the Fund.

The principal activity of the Fund is to invest in investments as defined under Schedule 7 of the

Deed, which include unquoted fixed income securities and deposits with financial institutions. The

Fund commenced operations on 1st March, 2016 and will continue its operations until terminated

by the Trustee in accordance with Part 11 of the Deed.

The objective of the Fund is to offer investor regular income and incidental capital appreciation

based on current market investment opportunities.

The Manager of the Fund is Areca Capital Sdn Bhd, a company incorporated in Malaysia. Its principal

activities are managing private and unit trust funds.

2 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements of the Fund have been prepared in accordance with the Malaysian

Financial Reporting Standards (“MFRS”), International Financial Reporting Standards (“IFRS”) and

the Securities Commission Malaysia’s Guideline on Unlisted Capital Market Products under the Lodge

and Launch Framework, the Capital Markets and Services Act 2007 and other applicable laws.

3 INVESTMENTS

30.06.2017 31.03.2017

At aggregate cost RM RM

Unquoted fixed income securities 30,000,000 23,000,000

30,000,000 23,000,000

At market value


29,973,300 22,993,054

30.06.2017 31.03.2017 Net (loss)/ gain on investments at FVTPL comprised:

Unrealised (loss)/ gain on changes in fair value (19,754) 21,183

(19,754) 21,183

Details of unquoted fixed income securities as of 30th June, 2017 are as follows:

Issuer (rating)

maturity/ coupon

(%)

Nominal

Value

Valuation

Price

Aggregate

Cost

Carrying

Value

Fair

Value

Fair Value

as a % of

Net Asset

Value RM RM RM RM RM %

Bonds Iconic Vacation Club

Berhad (NR)

2021/11.00 30,000,000 99.9110 30,000,000 29,993,054 29,973,300 97.91

Total investments 30,000,000 29,993,054 29,973,300 97.91

31.03.2017

Bonds Iconic Vacation Club

Berhad (NR) 2021/11.00 23,000,000 99.9698 23,000,000 23,000,000 22,993,054 91.42

Total investments 23,000,000 23,000,000 22,993,054

91.42



13

4 UNITS HELD BY MANAGER

The number of units held by the Manager is as follows:

<-------30.06.2017-------�� <-------31.03.2017--------��

No. of units RM No. of units RM

Areca Capital Sdn Bhd 2,851,622 2,914,928 3,105,855 3,399,048

5 RISK MANAGEMENT POLICIES

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Fund seeks to preserve capital as well as to provide regular income over the short to medium

term period by investing in fixed income instruments. In order to meet its stated investment

objectives, the Fund utilises risk management for both defensive and proactive purposes. Rigorous

analysis of sources of risk in the portfolio is carried out and the following policies are implemented

to provide effective ways to reduce future risk and enhance future returns within the Fund’s

mandate.

The key risks faced by the Fund are credit risk, liquidity risk, market risk (including interest rate

risk and price risk) on its investments.

Categories of Financial Instruments

30.06.2017 31.03.2017

RM RM

Financial assets Carried at FVTPL:


Loans and receivables:

Other receivables 650,959 2,398,301


Financial Liability

Accruals 54,233 249,441

Credit risk management

Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for

the Fund by failing to discharge an obligation. The Fund is exposed to the risk of credit-related

losses that can occur as a result of a counterparty or issuer being unable or unwilling to honour

its contractual obligations to make timely repayments of interest, principal and proceeds from

realisation of investments.

The Manager manages the Fund’s credit risk by undertaking credit evaluation and close monitoring

of any changes to the issuer/counterparty’s credit profile to minimise such risk. It is the Fund’s

policy to enter into financial instruments with reputable counterparties.

The Fund’s maximum exposure to credit risk is represented by the carrying amount of each class

of financial assets recognised in the statement of financial position. None of the Fund’s financial

assets were past due or impaired as at 30th June, 2017.

The Fund invests only in unquoted investments of at least investment grade as rated by a credit

rating agency.

Liquidity risk management

Liquidity risk is defined as the ease with which a security can be sold at or near its fair value

depending on the volume traded on the market. The Fund manages its liquidity risk by investing

predominantly is securities that it expects to be able of being converted into cash with 7 days.

The table below summarises the maturity profile of the Fund’s liabilities at the reporting date based

on contractual undiscounted repayment obligations:



14

Up to

1 month

1 - 3

months

3 months

to 1 year

Total

RM RM RM RM

30.06.2017

Financial Liability

Non-interest bearing

Accruals 1,063 - 53,170 54,233

31.03.2017

Financial Liability

Non-interest bearing

Accruals 902 - 248,538 249,440

Market risk management

This is a class of risk that inherently exists in an economy and cannot be avoided by any business

or company. It is usually due to changes in the economic outlook and affects broad market

confidence. This risk cannot be removed from an investment portfolio, which is solely invested

within that particular market, by diversification.

Therefore, as the Fund presently invests only in Malaysian fixed income securities, the

performance of the Fund might go up or down in accordance with the prevailing market risk of

Malaysia.

Interest rate risk management

This risk related to movements in the direction of the interest rates that will cause the value of

the securities to fluctuate. The Fund seeks to manage this risk by constructing a fixed income

portfolio with sufficient diverse range of maturities in accordance to the interest rate strategies

developed after thorough evaluation of macroeconomic variables. As interest rates and yield

curves change over time, the Fund may be exposed to a loss in earnings due to the effects of

interest rates on the structure of the statement of financial position.

Price risk management

Price risk is the risk of unfavourable changes in the fair value of unquoted fixed income securities

as the result of changes in the level of the equity indices and the value of individual securities.

The price is risk exposure arises from the Fund’s investment in unquoted securities.

Price risk sensitivity

Management’s best estimate of the effect on the income for the year due to a reasonably possible

change in price, with all other variables held constant is indicated in the table below:

Changes in price

Effect on profit or loss

Increase/(Decrease)

% RM

30.06.2017

Investments +5/-5% 1,498,665/(1,498,665)

31.03.2017

Investments +5/-5% 1,149,653/(1,149,653)



15

Capital Risk Management

The capital of the Fund is represented by equity consisting of unitholders’ capital and retained

earnings. The amount of equity can change significantly on a daily basis as the Fund is subject to

daily subscriptions and redemptions at the discretion of unitholders. The Fund’s objective when

managing capital is to safeguard the Fund’s ability to continue as a going concern in order to

provide returns for unitholders and benefits for other stakeholders and to maintain a strong capital

base to support the development of the investment activities of the Fund.

6 QUARTERLY ACCOUNTS

The quarterly accounts for the 3-month period ended 30th June, 2017 have not been audited.

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